Shura Council Discusses Amending Banking Law No. 88/2003

The Finance and Economic Affairs Committee at the Shura Council will hold a closed meeting on Sunday to discuss the amendments suggested by the Ministry of Finance to the banking law no. 88 of 2003.

After approving the Sukuk law, the Shura Council will amend the law banking law no. 88 of 2003 in a way to pave the road for Islamic Banking which will in turn boost the national economy, said the Islamic Sharia Scholar Dr. Hussein Hamed Hassan.

The Freedom and Justice Party suggested the addition of a section about Islamic banking to the banking law no. 88 of 2003 so as to raise the volume of Islamic banking to account for 35% of the total volume of the Egyptian banking sector.